• 4 Marks

BL – May 2023 – L1 – SB – Q5B – Contract Law

Identify circumstances under which a hire purchase contract may be terminated.

Hire purchase contract may be terminated under certain circumstances.

Required:
State FOUR circumstances under which a hire purchase contract may be terminated.

  1. Mutual Agreement: Both parties agree to terminate the contract before its completion.
  2. Completion of Obligations: The buyer completes all obligations under the contract, resulting in ownership transfer.
  3. Repudiation: One party fails to fulfill their obligations, allowing the other party to terminate the contract due to breach.
  4. Frustration: An unforeseen event makes it impossible to fulfill the contract, leading to its termination.
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